form 1099B

Forum|Forum|3 years ago
March 31, 2023
1 reply
9 views

I sold an inherited house not used for business. On form 1099b the question - what type of investment did you sell - no option for inherited house - picked other and in in description said it was a house. Is this correct?

HelenC12

Level 15

Yes, house is correct. However, you shouldn't have gotten a 1099-B form. You maybe should have gotten a 1099-S form.

Because these types of sales are considered investment sales, you need to enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.

You’ll have to use TurboTax Premium to report the sale of a second home, an inherited home, or land.

TurboTax Online

TurboTax CD/Download

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mdd108Author

Level 4

@HelenC12 someone else on the site suggested to use form 1099b -Form 1099-B is used to report capital gains and losses that a taxpayer incurs after selling certain assets through brokerages and barter exchanges.

The 1099 s seems the better option

The 1099-S is used to report the gross proceeds from the sale or exchange of real estate and certain royalty payments.

I am using the premier turbo tax - online - I have a loss on the sale of property - not not sure how to access the form 1099 S